...DEPARTMENT OF ECONOMICS AND FINANCE COLLEGE OF BUSINESS AND ECONOMICS UNIVERSITY OF CANTERBURY CHRISTCHURCH, NEW ZEALAND Conditional Correlations and Volatility Spillovers Between Crude Oil and Stock Index Returns Roengchai Tansuchat, Chia-Lin Chang, Michael McAleer WORKING PAPER No. 4/2010 Department of Economics and Finance College of Business and Economics University of Canterbury Private Bag 4800, Christchurch New Zealand WORKING PAPER No. 4/2010 Conditional Correlations and Volatility Spillovers Between Crude Oil and Stock Index Returns Roengchai Tansuchat1, Chia-Lin Chang2, Michael McAleer3 January, 2010 Abstract: This paper investigates the conditional correlations and volatility spillovers between crude oil returns and stock index returns. Daily returns from 2 January 1998 to 4 November 2009 of the crude oil spot, forward and futures prices from the WTI and Brent markets, and the FTSE100, NYSE, Dow Jones and S&P500 index returns, are analysed using the CCC model of Bollerslev (1990), VARMA-GARCH model of Ling and McAleer (2003), VARMA-AGARCH model of McAleer, Hoti and Chan (2008), and DCC model of Engle (2002). Based on the CCC model, the estimates of conditional correlations for returns across markets are very low, and some are not statistically significant, which means the conditional shocks are correlated only in the same market and not across markets. However, the DCC estimates of the conditional correlations are always significant. This result makes it clear...
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...$799.00 $169.00 $169.00 $299.00 $169.00 $49.00 $99.00 $179.00 $109.00 $149.00 $199.00 $109.00 $59.00 2 Page No. 42, 110 97 37, 97 39, 97 85 85 84 84, 101 84, 101 23, 92 102 13 13 13 13, 100 13, 100 11, 100 11 11 11 11 61 61 61 60, 61 29 29 175 175 99 99 175 174 174 174 174 111 Weight (lbs.) 2 15 6 6 12 20 43 11 3 11 5 5 11 13 11 6 10 7 9 9 22 40 60 95 165 18 18 75 9 5 11 18 10 10 20 15 8 UPS/CC UPS UPS UPS UPS UPS UPS CC UPS UPS UPS UPS UPS UPS UPS UPS UPS UPS UPS UPS UPS CC UPS CC CC CC UPS UPS UPS UPS UPS UPS UPS UPS UPS UPS UPS UPS Item No. 1697 1697 1943 1946 1949 1962 1973 2020 2024 2026 2334 2362 2373 2601 2602 2603 2603 2604 2604 2606 2613 2614 2615 2616 2617 2618 2620 2621 2622 2623 2624 2628 2629 2630 2631 2632 2633 Finish 58 89 90 90 90 90 90 42 42 42 47 47 06 08 08 17 56 17 56 06 89 89 89 89 89 89 24 24 24 24 24 24 24 24 24 24 24 Distributor Net $59.00 $59.00 $289.00 $549.00 $849.00 $169.00 $229.00 $129.00 $199.00 $249.00 $149.00 $69.00 $149.00 $29.00 $69.00 $29.00 $29.00 $69.00 $69.00 $129.00 $99.00 $399.00 $149.00 $299.00 $999.00 $1,649.00 $399.00 $249.00 $29.00 $35.00 $149.00 $99.00 $199.00 $35.00 $39.00 $69.00 $49.00 3 Page No. 111 174 79 79 78 79, 101 79 15, 110 15...
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...Asia Insurance Limited Producer Wise Outstanding Statement For the period from 01-Jan-2000 to 12-Nov-2012 Deposit Date from 01-Jan-2000 to 12-Nov-2012 Name : Super Oil ( 99904 ) Branch Name : Head Office MR No. 20985 Doc Date 25-Sep-06 Document No. AIL/HO/MC-437/09/06 Insured Name Super Oil Refinery Ltd O/S Type Part Sub Total of Part : Premium 181,693 181,693 181,693 VAT 0 0 0 Stamp 0 0 0 Total 181,693 181,693 181,693 Count # 1 Name : INCONTRADE ( 99909 ) Sub Total: Branch Name : Head Office MR No. 74514 Doc Date 16-Aug-11 Document No. AIL/HO/MV/PV/CERT-052 8/08/2011 Insured Name Incontrade Ltd O/S Type Part Sub Total of Part : Premium 1,918 1,918 1,918 183,611 VAT 0 0 0 0 Stamp 0 0 0 0 Total 1,918 1,918 1,918 183,611 Count # 1 Sub Total: Grand Total: Name : Hon'ble Director Ms.Farzana Afroze ( 103009 ) Branch Name : Local Office MR No. 59426 Doc Date 27-Jul-10 Document No. AIL/LO/IAR/P-001/07/201 0 Insured Name Samuda Chemical Complex Ltd O/S Type Part Sub Total of Part : Premium 632,117 632,117 632,117 VAT 0 0 0 Stamp 0 0 0 Total 632,117 632,117 632,117 Count # 1 Name : Hon'ble Director Mr.Mohammad Mustafa Haider ( 103010 ) Sub Total: Branch Name : Local Office MR No. 22492 24426 24451 24452 24470 26403 26476 27886 27887 27929 30966 31002 31003 31004 31005 31014 31015 31016 Doc Date 02-Apr-07 04-Apr-07 24-Apr-07 24-Apr-07 08-May-07 03-Jun-07 17-Jun-07...
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...Faculty of Business Studies Module: Presentation and Communication Skills Examiner: Dipl. Ök. Marina Alvares-Wegner The BRIC countries Leslie Authier Matr. No.: 7007017 E-Mail: leslieauthier@orange.fr Diana Carolina Ramirez R. Matr. No.: 7004479 E-Mail: dianacarolina_puebla@yahoo.de Maya Höpfner Matr. No.: 7003768 E-Mail: maya.hoepfner@googlemail.com Table of content 1 Introduction...................................................................................................... 2 2 The Federative Republic of Brazil .................................................................... 3 2.1 General information on the Federative Republic of Brazil....................... 3 2.2 Brazil’s connection with the European Union.......................................... 4 2.3 Brazil’s financial situation........................................................................ 5 2.4 Brazil’s imports and exports.................................................................... 6 2.5 Brazil’s leading companies ..................................................................... 9 3 The Russian Federation................................................................................. 10 3.1 General information on the Russian Federation ................................... 10 3.2 Russia’s connection with the European Union...................................... 11 3.3 Russia’s financial situation.................................................................... 12 3.4 Russia’s imports...
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...| REDUCTION OF IMPACTS OF EXHAUST ESMISSIONS OF DIESEL ENGINEbyHASSAN SHEIKHOLESLAMYSession 2013/2014 | | The project report is prepared for Faculty of Engineering and Technology Multimedia University in partial fulfilment for Bachelor of Engineering (Hons) Mechanical FACULTY OF ENGINEERING AND TECHNOLOGY MULTIMEDIA UNIVERSITY April 2014 The copyright of this report belongs to the author under the terms of the Copyright Act 1987 as qualified by Regulation 4(1) of the Multimedia University Intellectual Property Regulations. Due acknowledgement shall always be made of the use of any material contained in, or derived from, this report. DECLARATION I hereby declare that this work has been done by myself and no portion of the work contained in this report has been submitted in support of any application for any other degree or qualification of this or any other university or institute of learning. I also declare that pursuant to the provisions of the Copyright Act 1987, I have not engaged in any unauthorised act of copying or reproducing or attempt to copy / reproduce or cause to copy / reproduce or permit the copying / reproducing or the sharing and / or downloading of any copyrighted material or an attempt to do so whether by use of the University’s facilities or outside networks / facilities whether in hard copy or soft copy format, of any material protected under the provisions of sections 3 and 7 of the Act whether for payment or otherwise save as...
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...es FIN 4720: Futures Markets Handout #1 Spring 2014 Terrence F. Martell, Ph.D. Mert Demir Introduction: The Futures Markets A Forward/Futures contract is an agreement to buy or sell a commodity sometime in the future with the price determined today. A Forward contract is a contract negotiated in the present that gives the contract holder both right and full legal obligation to conduct a transaction at a specific future time involving a specific quantity and type of asset at a predetermined price. For example, you can agree today to sell copper with another party on a specific future date at a specific predetermined price. A Futures contract is a type of forward contract with highly standardized and closely specified contract terms. As in all forward contracts, a futures contract calls for the exchange of some goods at a future date for cash, with the payment for the goods to occur at that future date. Futures contracts always trade on an organized market. Five fundamental types of futures contracts 1. Agricultural and Metallurgical Contracts: Physical goods contracts cover a wide range of products: grains, seeds, food, fiber, livestock, meat, metals and petroleum. The months for delivery for seasonal agricultural products are chosen to fit their harvest patterns. The number of contract months depends on the level of trading activity. 2. Interest-Earning Assets: in the US, treasury notes, treasury bonds, and Eurodollar deposits. Interest rate futures started trading...
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...Financial Affairs Publications B-1049 Brussels Belgium E-mail: Ecfin-Info@ec.europa.eu This paper exists in English only and can be downloaded from the website ec.europa.eu/economy_finance/publications A great deal of additional information is available on the Internet. It can be accessed through the Europa server (ec.europa.eu) KC-AI-10-415-EN-N ISSN 1725-3187 ISBN 978-92-79-14901-6 doi 10.2765/42450 © European Union, 2010 Reproduction is authorised provided the source is acknowledged. The Changing Pattern in International Trade and Capital Flows of the Gulf Cooperation Council Countries in Comparison with Other Oil-Exporting Countries Marga Peeters1 Abstract During the past decade the GCC countries have achieved a remarkably high degree of trade and financial integration in the world economy. Before the global crisis began, they invested their abundant oil income which resulted from high energy prices and high world demand, in return abundantly abroad. Thanks to policies that are...
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...---------------------------------------------------------------------------6 6. Reference ----------------------------------------------------------------------------10 Introduction Oil is an important source of energy in the world economy as a major component and raw materials in the millions of industries. Oil price suffer from high volatility and fluctuations as a traded commodity in global markets. Oil is a wealth non-renewable and it is distributed randomly all over in the ground. According to the Energy Information Administration (EIA), the world currently consumes 85.64 million barrels of crude oil daily [1]. It represents the largest proportion of the world's energy consumption compared to other sources [2]. We are going to predict oil prices and analyze various kinds of factors that influenced in oil price. The world had suffered from political in recent years instability wars and conflicts, especially in the Middle East oil-rich areas such as Tunisia, Libya, Egypt, and Syria with the acceleration of technological development. This had influences on the exchange rate in the oil market and volatile behavior of trading. So it is necessary to follow-up in oil prices and monitor prices and the forecast oil price movement. The primary purpose of this analysis is to provide a further contribution to analyze the correlation between oil prices and the main fundamental factors influenced them such as...
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...KENSINGTON COLLEG OF BUSINESS AND UNIVERSITY OF WALES BP Market Analysis and Strategic Marketing Recommendations In the USA after the Gulf of Mexico Oil spill Nahid Mohsen Pour 2/28/2011 Contains: 2962 words Without charts, content, references, tables In this essay, I am performing Macro environmental analysis of BP business in the USA, after the gulf of Mexico oil spill, and also try to give Strategic Marketing recommendations to recover from the so called “Marketing disaster in the USA market” Nahid Mohsen Pour Table of Contents Introduction ............................................................................................................................................ 4 Approach ............................................................................................................................................. 4 Importance of Marketing ..................................................................................................................... 4 Part I: Macro Environmental Analysis of BP business in the USA after the Gulf of Mexico Oil Spill ............ 5 Political Analysis .............................................................................................................................. 5 Economical Analysis ......................................................................................................................... 5 Social Analysis..........................................................................
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...Linda Ezergailis, P.Eng. 416 983 7784 linda.ezergailis@tdsecurities.com Robert Hope, CFA 416 983 9717 robert.hope@tdsecurities.com Enbridge Inc. (ENB-T, ENB-N) C$31.58 Enbridge to Twin the Athabasca Pipeline for $1.2 billion Event Enbridge has announced that it will twin the southern portion of its existing Athabasca crude oil pipeline between Kirby Lake, AB and Hardisty, AB at an expected cost of $1.2 billion. Impact POSITVE. We estimate the expansion will contribute $0.04 of EPS on an annualized basis when volumes ramp up although we expect it will not contribute to earnings until 2015. Details Athabasca Expansion – Twinning Overview: • Overview: Enbridge has announced that it will install a new twin 345km, 36” liquids pipeline beside its existing Athabasca pipeline between Kirby Lake and Hardisty, Alberta. • Volumes: The twin line will accept volumes from oil sands projects in the Kirby area. We note that Enbridge’s Christina Lake Lateral, which services Cenovus’ and ConocoPhillips’ Christina Lake Enhanced Oil Project, delivers into the Athabasca system near Kirby. The twinning project will allow Enbridge to accommodate new long-haul oil sands volumes from the Cheecham or Athabasca terminals to Hardisty. • Cost: The twin line is expected to cost $1.2 billion. • Capacity: The twin line will initially add 450 kbpd of liquids capacity, which could be cost effectively expanded to 800 kbpd. The project will increase the capacity of the...
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...BUSINESS ECONOMICS ECON545 JULY 2013 SESSION CHAPTER 15 QUESTION 14. Everyone’s Gas Problem When we discuss fluctuating gas prices, we have multiple reasons why this may occur. To begin, the price of gas could rise and fall due to breaks in the distribution. An example of the breaks in distribution could be a hurricane in areas of supply or an up rise or political upheaval in an area like Libya. Second, we can look at how close you are to a particular area of the US that would be near oil production or proximity. Third would be competition. How many stations are supplying gas in a certain area or region? As we get closer to a city like Chicago, prices may increase because of higher taxes. “According to the EIA, every time you pay for a gallon of gas, you are not only paying for the price of crude oil (61% of cost), but also federal and state taxes (15%), refining costs and profits (15%) and distribution and marketing (10%).” This is a classic case of supply and demand in economics which relates to the chapters we have discussed. Upon reading about gas and crude oil, I have learned that there are different types of oil. Light/ sweet oil is in high demand because it takes less time to refine into gas which in turn results in faster production. The price of light oil is higher because the supply is low. Heavier/ sour crude oil takes less production and is more readily available in turn the price is low. “Chicago, like most big cities, is required by the federal Environmental...
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...06/06/98 ECONOMICS DOE-2 ECONOMICS (Utility Rate Commands Only) Table of Contents BLOCK-CHARGE Command .........................................................................................................2 . RATCHET Command .....................................................................................................................7 UTILITY-RATE Command ..........................................................................................................10 . DOE-2.2 Command/Keyword Dictionary 1 06/06/98 ECONOMICS BLOCK-CHARGE Command Associated keywords: BLOCK-SCH SCH-FLAG DEMAND-RATCHETS TOU-SEASON-LINKS BLOCKS-ARE BLOCKS-1 through BLOCKS-5 BLOCK1-TYPE through BLOCK5-TYPE COSTS-1 through COSTS-5 LIMITS-1 through LIMITS-5 BLOCK-CHARGE (B-C)(30) BLOCK-CHARGEs are used to calculate energy or demand costs that vary according to the amount consumed. BLOCK-CHARGEs are also used for time-of-use demand charges. Up to 30 BLOCKCHARGEs may be defined, and up to 10 may be referenced by each UTILITY-RATE. The same BLOCK-CHARGE may be referenced by more than one UTILITY-RATE; the program automatically makes as many working copies as are required. See the RATCHET command. BLOCK-CHARGE defines the energy or demand charges that vary according to the amount used. The time period over which a BLOCK-CHARGE is used is defined in a schedule so that different rates can be used at different times of the year. When a time-of-use...
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...06/06/98 ECONOMICS DOE-2 ECONOMICS (Utility Rate Commands Only) Table of Contents BLOCK-CHARGE Command .........................................................................................................2 . RATCHET Command .....................................................................................................................7 UTILITY-RATE Command ..........................................................................................................10 . DOE-2.2 Command/Keyword Dictionary 1 06/06/98 ECONOMICS BLOCK-CHARGE Command Associated keywords: BLOCK-SCH SCH-FLAG DEMAND-RATCHETS TOU-SEASON-LINKS BLOCKS-ARE BLOCK1-TYPE through BLOCK5-TYPE BLOCKS-1 through BLOCKS-5 COSTS-1 through COSTS-5 LIMITS-1 through LIMITS-5 BLOCK-CHARGE (B-C)(30) BLOCK-CHARGEs are used to calculate energy or demand costs that vary according to the amount consumed. BLOCK-CHARGEs are also used for time-of-use demand charges. Up to 30 BLOCKCHARGEs may be defined, and up to 10 may be referenced by each UTILITY-RATE. The same BLOCK-CHARGE may be referenced by more than one UTILITY-RATE; the program automatically makes as many working copies as are required. See the RATCHET command. BLOCK-CHARGE defines the energy or demand charges that vary according to the amount used. The time period over which a BLOCK-CHARGE is used is defined in a schedule so that different rates can be used at different times of the year. When a time-of-use demand charge is being assessed...
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...06/06/98 ECONOMICS DOE-2 ECONOMICS (Utility Rate Commands Only) Table of Contents BLOCK-CHARGE Command .........................................................................................................2 . RATCHET Command .....................................................................................................................7 UTILITY-RATE Command ..........................................................................................................10 . DOE-2.2 Command/Keyword Dictionary 1 06/06/98 ECONOMICS BLOCK-CHARGE Command Associated keywords: BLOCK-SCH SCH-FLAG DEMAND-RATCHETS TOU-SEASON-LINKS BLOCKS-ARE BLOCK1-TYPE through BLOCK5-TYPE BLOCKS-1 through BLOCKS-5 COSTS-1 through COSTS-5 LIMITS-1 through LIMITS-5 BLOCK-CHARGE (B-C)(30) BLOCK-CHARGEs are used to calculate energy or demand costs that vary according to the amount consumed. BLOCK-CHARGEs are also used for time-of-use demand charges. Up to 30 BLOCKCHARGEs may be defined, and up to 10 may be referenced by each UTILITY-RATE. The same BLOCK-CHARGE may be referenced by more than one UTILITY-RATE; the program automatically makes as many working copies as are required. See the RATCHET command. BLOCK-CHARGE defines the energy or demand charges that vary according to the amount used. The time period over which a BLOCK-CHARGE is used is defined in a schedule so that different rates can be used at different times of the year. When a time-of-use demand charge is being assessed...
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...9-807-027 REV: AUGUST 1, 2008 ROBERT F. HIGGINS VIRGINIA A. FULLER NatuRi Corporation In February 2006, Aravind Cherukuri and Kartik Natarajan were reviewing their options for raising capital for NatuRi Corporation, the company they had founded together in 2005. With operations split between Chennai, India, and Boston, Massachusetts, NatuRi had developed a biological compound that showed promising effects in cholesterol management. The compound, discovered by Aravind’s mother, biological scientist Rukmini Cheruvanki, was derived from the byproducts of rice bran oil (RBO) production. Early animal trials had demonstrated that the compound was effective in lowering “bad” cholesterol while simultaneously increasing levels of “good” cholesterol. If manufactured for human ingestion, the compound would provide a natural alternative to synthesized cholesterol-lowering drugs on the market. Although NatuRi was still in the start-up stage, it had captured the attention of at least four potential investors willing to offer a seed investment. Having just received a term sheet from Waltham Partners, a well-known East Coast venture capital firm, Aravind and Kartik were now forced to weigh their options and determine which of the four potential investors currently interested in their venture would be most appropriate for NatuRi’s future growth. Their funding decision for this stage would also impact options for later rounds of funding. The duo had to decide on NatuRi’s ...
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